MIRA
INFORM REPORT
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Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
COSTA AND COMPANY PRIVATE LIMITED |
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Registered Office : |
Box No– 16, Aquem Alto, Margo- 403601, Goa |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.06.1965 |
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Com. Reg. No.: |
24-45 |
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CIN No.: [Company
Identification No.] |
U15116GA1965PTC000045 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC02566E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Cocktail Sausages, Luncheon Meat, Pork Luncheon
Meat, Corned Beef, Ananada, 100%Pineapple Jam, Mackerels, In Tomato, Rogan
Josh, Franfurters, Beef Xacuti, Ham, Mackerels in, Brine & Oil, Sorpatel,
Salami, Cocktail Sausages, Croquettes, Sausages Beef Tuna in Oil, Tuna in,
Oil Sardines in Tomato, Pastrami Bacon. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track
records. Trade relations are fair. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Silvia |
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Designation : |
Accounts Manager |
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Date : |
09.05.2008 |
LOCATIONS
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Registered Office : |
Box No– 16, Aquem Alto, Margo- 403601, Goa, India |
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Tel. No.: |
91-832-2735294/ 2735751/ 2720130/ 2733717 |
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Fax No.: |
91-832-730628/ 734328 |
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E-Mail : |
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Website : |
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Area : |
Owned by Director |
DIRECTORS
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Name : |
Mr. Ivo Da Costa Azaredo |
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Designation : |
Director |
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Address : |
248 ST Joaquim Road, Borda, Margao – 403602, South Goa |
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Date of Birth/Age : |
18.02.1926 |
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Date of Appointment : |
25.06.1965 |
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Name : |
Mr. Roque Ivo Azaredo |
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Designation : |
Director |
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Address : |
248 ST Joaquim Road, Borda, Margao – 403602, South Goa |
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Date of Birth/Age : |
14.05.1966 |
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Date of Appointment : |
10.12.1984 |
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Name : |
Mr. Bernardino Camilo Costa |
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Designation : |
Director |
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Address : |
99 Rua Dr Anjonio Da Noronha Campal, Panaji, North Goa |
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Date of Appointment : |
10.12.1984 |
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Name : |
Mrs. Maria Carmo Azaredo |
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Designation : |
Director |
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Address : |
248 ST Joaquim Road, Borda, Margao – 403602, South Goa |
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Date of Birth/Age : |
01.02.1930 |
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Date of Appointment : |
16.08.1988 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Ivo Da Costa Azaredo |
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4444 |
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Roque Ivo Azaredo |
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3074 |
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Alyaro Noronha Costa |
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269 |
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Luis Noronha Costa |
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268 |
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Total |
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8055 |
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AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Cocktail Sausages, Luncheon Meat, Pork Luncheon
Meat, Corned Beef, Ananada, 100%Pineapple Jam, Mackerels, In Tomato, Rogan
Josh, Franfurters, Beef Xacuti, Ham, Mackerels in, Brine & Oil, Sorpatel,
Salami, Cocktail Sausages, Croquettes, Sausages Beef Tuna in Oil, Tuna in,
Oil Sardines in Tomato, Pastrami Bacon. |
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Exports : |
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Products : |
Curries |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit [30 days] and T/T |
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Purchasing : |
Cheque, Credit [30 days] and
T/T |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
Around 25 |
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Bankers : |
Bank of India Margao Branch, Rua Jose Inacio Loyoia, New Market, Post Box No. 272,
Margao – 403601, Goa, India |
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Facilities : |
C/C Rs. 250.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S S Dalvi and Company Chartered Accountants |
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Address : |
Panaji – 403001, Goa, India |
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Associates/Subsidiaries : |
Subject have many sister concern but didn’t divulge names. |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8055 |
Equity Shares |
Rs. 100/- each |
Rs. 0.806
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
The company’s financials with the Government Departments are missing.
Ms. Silvia [Accounts Manager] parted general information, but declined to part
with financials.
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover [Approximately] |
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15.000 |
10.000 |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.806 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.806 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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Other |
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35.109 |
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TOTAL |
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35.915 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.000 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.000 |
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Net Current Assets |
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0.000 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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Others |
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35.915 |
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TOTAL |
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35.915 |
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LOCAL AGENCY FURTHER
INFORMATION
Trade Reference
- K S Traders, Mumbai
- Sil Agencies, Madras
Bankers Charges
Report as per Registry
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Name of the company |
COSTA AND
COMPANY PRIVATE LIMITED |
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Presented By |
Dr. Ivo Da Costa Azaredo |
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1) Date and description of instrument creating the change |
Deed of
hypothecation dated 3rd October 1988 Bank of India Form L44B |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.950 Million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All stock of raw
materials, semi proceeds and processed finished goods, including stocks of
packed in food. Packing material tin containers etc of the borrower where
soever situate and or in transit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of
assets described in Item [3] an such assets of the nature mentioned in Item
[3] as are or may at any time be in the possession or power of the company to
secure a demand cash credit of rupees 0.950 Million with interest at 05.5 %
over Bank Rate, Minimum interest at 15.5 % p.a. or at such rate as may from
time to time be fixed by the borrower with quarterly rests and with power to
the bank to seize and realize. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Margo Branch David House Margao, Goa –
403601 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10039497 |
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Corporate
identity number of the company |
U15116GA1965PTC000045 |
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Name of the
company |
COSTA AND COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Box No– 16, Aquem Alto, Margo- 403601, Goa |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of India Margao Branch, Rua Jose Inacio Loyoia, New Market, Post Box No. 272,
Margao – 403601, Goa, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
equitable mortgage |
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Date of
instrument Creating the charge |
10.08.2007 |
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Amount secured by
the charge |
Rs. 8.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge Extent to the
limit of Rs. 8.000 Millions |
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Short particulars
of the property charged |
Company’s land
and building situated at Survey No. 110/9 and 111/6 of village Sirvoi Quepem,
Goa |
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Particulars of
the present modification |
Equitable
mortgage of Company’s land and building situated at Survey No. 110/9 and
111/6 of village Sirvoi Quepem, Goa |
Profile
Since 1885 Costa's have been an integral part of people's lives
the globe over. Costa's began by exporting the spices of the orient, flavours
evocative of the exotic east, to Portugal and its colonies in far flung
recesses of the globe. The spice trade soon grew to encompass the export of an
ubiquitous fruit that made its indelible mark on discerning palates. The mango
in fact is not indigenous to India. The Portuguese imported strains into India
from Brazil when they noticed the climatic similarities in the two countries.
Costa's made the Alphonso perhaps the most popular fruit in the world. Today
more than a hundred years since Costa's began exporting the mango, it is
considered to be one of the tastiest fruits in the world.
From spices and mangoes, Costa's began to diversify early in
the century into packaging canned foods and notably fish products which Goa is
so well known for. Frozen foods have also become a popular segment of Costa's
range. Recently, Goan specialties, sweets like Dodal and Bebinca followed suit
along with Italian specialties.
From putting Goan cuisine on the world map to becoming Goa's
largest food processing company has been a matter of course considering Costa's
have been pioneers in the field. Constantly on the look out for new products
and processes to upgrade the same, their range is today a veritable culinary
smorgasbord. Not directly evident are their packaging techniques that give
their products a shelf life of two years without the use of any chemicals or
preservatives.
Vinicola, one of the leading manufacturers of table wines in India has been an
associate company of Costa's established in 1970. From choicest vineyards come
a host of wines that are expertly matured with excellent aroma and body.
Vinicola is also the sole supplier of sacramental wines all over India.
Propelled by the need for quality housing Costa's diversified into construction
and development of prime real estate, along with Venusta Builders, an associate
firm of Costa's which was formed in 1990. Unlike most development firms Costa's
objective became two fold. Besides utilising the very best construction
materials that would ensure durable homes, Costa's wish to retain the
unmistakable flavour of Goan architecture, replete with embellishments like
stucco tiled roofs, gables and sweeping verandahs.
The scale of building activity has been widespread including
residential apartments, row houses and commercial properties. Diversification
has spread to encompass environmental friendly projects like the scenic
location on the banks of the river Sal in Village Sirlim to a site in Canacona
which is the southern most tip of Goa surrounded by virgin forests and
exquisite coastline. The health resorts at Sulcorna Springs and Sirvoi are at
locations that would revive even the most world weary amongst us.
One project that Costa's is understandably proud of is the restoration of
Velhos Pacos Municipals or the old Margao Municipal building. A sprawling
structure reminiscent of early Goan architecture. It was built in a
particularly grand style, but the passage of time has not been kind to the
structure. It was slated for demolition when Costa's stepped in and undertook
the complete restoration of the building to it pristine grandeur. Today work is
underfoot to save one of Goa's old legacies. When the restoration is complete the
building will house an art gallery that will promote local artists in an
appropriate setting. Velhos Pacos will also be Costa's Corporate headquarters.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.33 |
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UK Pound |
1 |
Rs.82.31 |
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Euro |
1 |
Rs.65.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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